EXCHANGE RULES AND CLEARING RULES
OF NASDAQ OMX DERIVATIVES MARKETS
20 APRIL 2015 • ABBREVIATIONS AND DEFINITIONS • 1(25)
1 DEFINITIONS AND ABBREVIATIONS
The terms (including derivations of such terms) set forth in the following definitions list shall, when used
in the Clearing Rules or the Exchange Rules, as the case may be, have the meaning (or derivative form
thereof) herein set forth unless otherwise expressly stated.
Allocation ‘Allocation’ means that Contracts Registered on one or
several Allocation Account(s) at a member automatically
are Recorded on a Receiving Account at a Clearing
Member. Allocation Account(s) at a member and
Receiving Account(s) at a Clearing Member are connected
through a member and a Clearing Member signing an
Allocation Agreement provided by the Clearing House.
Allocation Account An Allocation Account is an account on which
Registration can take place. An Allocation Account shall
be connected to a Receiving Account on which Contracts
which have been Registered on the Allocation Account
are Recorded.
Allocation Agreement An agreement that is signed by a member and a Clearing
Member to connect a member’s Allocation Account(s)
and a Clearing Member’s Receiving Account.
Allowance An EU Allowance (EUA), a Certified Emissions
Reduction (CER), and/or an Alternative Allowance as
further specified in the contract specifications.
Allowance Contract An Instrument whose Contract Base is directly correlated
to Allowances pursuant to the contract specifications.
American Option An Option Contract which the holder may Exercise at any
time during the Term.
Approved Settlement Bank A bank which is approved as a settlement bank by the
Clearing House and is identified as such in the List of
Approved Settlement Banks.
APT Account See section 2.6.29 of the Clearing Rules.
Ask-Order Order to sell Instruments.
Back Office Personnel Employees of a Clearing Member who fulfil the
requirements stipulated in the Clearing Rules applicable to
Back Office Personnel. Members participate in clearing
through Back Office Personnel.
EXCHANGE RULES AND CLEARING RULES
OF NASDAQ OMX DERIVATIVES MARKETS
20 APRIL 2015 • ABBREVIATIONS AND DEFINITIONS • 2(25)
Bank Day A day which is not a Saturday or a Sunday or other public
holiday or, regarding the payment of promissory notes, is
not equivalent with a public holiday and a day on which
banks in Sweden or – where otherwise applicable in the
Exchange Rules or Clearing Rules – banks in the country
of the applicable underlying market are generally open for
business.
Base Currency Any of DKK, EUR, GBP, NOK, SEK or USD as may be
chosen by a Clearing Member or Direct Pledging
Customer in respect of any of its Margin Requirement
Accounts and linked Collateral Custody Accounts.
Bid-Order Order to buy Instruments.
Block A trading block which normally consists of ten Instru-
ments.
Block Term Volume terms which mean that the Order consists of one
or several Blocks where Exchange Transactions can be
made regarding one or more Blocks up to the stated
volume.
Broker An employee (of an Exchange Member) who is authorized
to participate in trading at the Exchange on behalf of such
Exchange Member.
Call Auction
The trading in the Index futures OMXS30, OMXC20,
OMXC20CAP, OMXSB and NORUX15 starts with a Call
Auction before EMP’s ordinary trading hours or the final
time for trading on the exchange or marketplace approved
by the Exchange (as the case may be) and ends with a Call
Auction after the end of the trading hours in accordance
with appendix 11 of the Exchange Rules.
Call Option See definition of Option Contract below.
Cascading Open Positions in a Series at the end of the Expiration
Day are transformed into Open Positions in one or more
other Series as specified in the contract specifications in
Chapter 3 of the Clearing Rules and the Exchange Rules,
respectively.
Cash Collateral Collateral in the form of cash in a Permitted Currency.
Cash Collateral Bank Account A bank account designated by a Clearing Member or
Direct Pledging Customer, opened and held at an
Approved Settlement Bank with respect to a Permitted
Currency.
EXCHANGE RULES AND CLEARING RULES
OF NASDAQ OMX DERIVATIVES MARKETS
20 APRIL 2015 • ABBREVIATIONS AND DEFINITIONS • 3(25)
Cash Excess Amount The amount of Cash Collateral in a Permitted Currency
that a Clearing Member or Direct Pledging Customer has
notified to the Clearing House that it wishes to keep in
respect of a Margin Requirement Account on its linked
Collateral Custody Account.
Cash Optimization Account A notional account created by the Clearing House for a
Clearing Member or Direct Pledging Customer which
allows for the aggregation of payments due to or from
such Clearing Member or Direct Pledging Customer
across each of its Clearing Accounts and or Integrated
Trading and Clearing Account as further set out in section
2.13.4.
Cash Optimization Service The service provided by the Clearing House, in
accordance with section 2.13 of the Rules.
Cash Settlement The due settlement of a Contract through payment of the
Cash Settlement Amount, as calculated in accordance with
the Clearing Rules and the contract specifications.
Cash Settlement Amount The amount calculated in accordance with the Clearing
Rules and the contract specifications in order to settle a
Contract by payment by one contracting party to the other.
Cash Settlement Report The data produced by the Clearing House and made
available to each Clearing Member and Direct Pledging
Customer in respect of each Margin Requirement Account
outlining the Cash Settlement Amount to be paid in
respect of each Contract to which Cash Settlement applies.
Central Securities Depository Each of Euroclear Sweden, VP, VPS or Euroclear Finland,
and such other depositories as may from time to time be
recognised as such by the Clearing House.
Clearing Account An account with the Clearing House to which one or more
Trading Accounts are connected. The Clearing Account
shows, inter alia, all Contracts Recorded on the account,
and which are Registered on the Trading Account/s which
are connected to the account in question.
Clearing Account Administrator A Clearing Member which administers a Clearing
Account or an Integrated Trading and Clearing Account.
Clearing Members that administer Integrated Trading and
Clearing Accounts are at the same time Trading Account
Administrators and Clearing Account Administrators.
EXCHANGE RULES AND CLEARING RULES
OF NASDAQ OMX DERIVATIVES MARKETS
20 APRIL 2015 • ABBREVIATIONS AND DEFINITIONS • 4(25)
Clearing Agreement An agreement between a GCM and an NCM regarding
clearing of the NCM's Transactions, please refer to the
Clearing Agreement appended to the Clearing Rules.
Clearing House NASDAQ OMX Clearing AB, organisation no. 556383-
9058, in its capacity as a clearing organisation.
Clearing House Business Day Each day the Clearing House is open for business as set
out on the Clearing House website.
Clearing House Opening Hours 07:00 until 19:00, or such other time as designated by the
Clearing House from time to time.
Clearing Listed Instruments Instruments listed by the Clearing House for clearing and
set forth in its Quotation List which is applicable from
time to time, and Instruments which may be cleared via
the COM Non Exchange Clearing Procedures or the COM
Third Party Exchange Transaction Procedures.
Clearing Listing The listing of a Series for Registration with the Clearing
House.
Clearing Member A legal entity which has entered into an agreement for
clearing membership, Clearing Member Agreement, and
which has opened accounts with the Clearing House. A
Clearing Member may be either a Direct Clearing
Member or a General Clearing Member.
Clearing Member Agreement See the definition of Clearing Member above.
Clearing Rules The rules and regulations of the Clearing House, as may
be published from time to time.
Clearing Series See definition of Series.
Clearing System The system provided by the Clearing House from time to
time for the clearing of Contracts.
Client A physical person or legal entity (including any NCM) in
respect of whom a Clearing Member enters into a Contract
with the Clearing House Recorded on a Client Account.
Client Account Common denomination for Omnibus Accounts (including
any Single-client Account) and Individual Client
Segregated Accounts (ICA).
EXCHANGE RULES AND CLEARING RULES
OF NASDAQ OMX DERIVATIVES MARKETS
20 APRIL 2015 • ABBREVIATIONS AND DEFINITIONS • 5(25)
Closing The closing of a Futures Contract or a Forward Contract
pursuant to Physical Settlement corresponding to the
Futures Price or Fix in accordance with the relevant
contract specification or final Cash Settlement taking
place on the Contract.
CMS System The Clearing House application that enables Clearing
Members and Direct Pledging Customers to view and
administer Collateral and Settlement with respect to their
Accounts with the Clearing House.
Collateral Assets in the form of cash in the Permitted Currencies
and/or the eligible securities, as specified in the Collateral
List from time to time.
Collateral Custody Account An account opened by a Clearing Member or a Direct
Pledging Customer with the Clearing House in accordance
with the Collateral Custody Account Agreement for
provision of Collateral.
Collateral Custody Account Agreement An agreement between the Clearing House and a Clearing
Member or Direct Pledging Customer setting out the
terms and conditions for the Collateral Custody Account.
Collateral Deficiency The amount equal to the shortfall of the Collateral Sum
against the Margin Requirement.
Collateral List A list of collateral approved by the Clearing House and
provisions regarding valuation of such collateral, as
amended from time to time.
Collateral Receipt Cut-Off Time The time set out in the Procedures by which the Clearing
House must receive Cash Collateral and Non-Cash
Collateral in order for such Cash Collateral and Non-Cash
Collateral to be taken into account for the determination of
the Collateral Sum prior to the operation of the Cash
Optimization Service.
Collateral Sum The value of Collateral provided in respect of a Margin
Requirement Account at a specific time valued in
accordance with the Collateral List.
Collateral Surplus The amount equal to the excess of the Collateral Sum over
the Margin Requirement.
EXCHANGE RULES AND CLEARING RULES
OF NASDAQ OMX DERIVATIVES MARKETS
20 APRIL 2015 • ABBREVIATIONS AND DEFINITIONS • 6(25)
Combination Terms Volume terms under which two or more Orders in
different Exchange Series shall be executed
simultaneously with other Orders in the combination.
Combination terms may be Standardised or Non-
standardised. The Exchange shall determine which
combinations of Orders may be Standardised Combination
Terms.
Combination Trade A Transaction which is brokered by the Exchange
Brokers, between two Exchange Members, including a
combination of an Exchange Transaction regarding one or
several derivative contracts and a transaction regarding the
underlying share (or depository receipt); see section
2A.11.15 of the Exchange Rules.
Combined COM Block Trade Facility The facility established by the Co-Operating Exchange
and the Exchange which permits Exchange Members to
organise and submit Transactions in relation to the trading
of COM Block Trade Contracts, COM EFPs and COM
EFSs pursuant to the Exchange Rules.
Combined COM Block Trade Facility
Opening Hours
07:45 until 19:00, or such other time as designated by the
Exchange from time to time.
Combined Orderbook A combined orderbook that the Exchange and the Co-
Operating Exchange jointly provide to all members of the
Exchange and the Co-Operating Exchange within the
exchanges' trading systems.
COM Block Trade A transaction organised and executed in relation to COM
Block Trade Contracts pursuant to the Exchange Rules or
COM Trading Rules.
COM Block Trade, COM EFP and COM
EFS Clearing Procedures
Clearing Appendix 22
COM Block Trade Contract An Exchange Listed Instrument designated by the
Exchange as eligible for trading as a COM Block Trade
pursuant to the Exchange Rules (but excluding, for the
avoidance of doubt, COM EFPs, COM EFSs and COM
Non Exchange Transactions).
COM Clearing Member A person who is an ‘Account Holder’ under the COM
Clearing Rules.
EXCHANGE RULES AND CLEARING RULES
OF NASDAQ OMX DERIVATIVES MARKETS
20 APRIL 2015 • ABBREVIATIONS AND DEFINITIONS • 7(25)
COM Clearing Procedures The COM Block Trade, COM EFP and COM EFS
Clearing Procedures, the COM Non Exchange Clearing
Procedures and the COM Third Party Exchange
Transaction Clearing Procedures.
COM Clearing Request A request for clearing of a COM Block Trade, a COM
EFP, a COM EFS, a COM Non Exchange Transaction or
a COM Third Party Exchange Transaction.
COM Clearing Rules The Clearing Rules of NASDAQ OMX Commodities
Markets governing certain clearing operations carried out
by NASDAQ OMX Oslo NUF.
COM Contract Price The cash value price agreed for each Instrument in a
Transaction, which the buyer is obligated to pay and the
seller is entitled to receive, expressed in the relevant
currency and excluding VAT and relevant taxes.
COM Contract Time In respect of COM Block Trades, the point in time where
the seller and the buyer enter into the original transaction
that is to be entered on to the Exchange via the Combined
COM Block Trade Facility, and in respect of COM EFP or
COM EFS, the point in time when the seller and the buyer
entered into the original transaction that is to be cancelled
and replaced with an EFP or EFS, and in respect of all
other transactions, the point in time where the seller and
the buyer enter into a Transaction, regardless of the form
or format used to facilitate such agreement.
COM Exchange of Future for Physical or
COM EFP
A transaction designated by the Exchange as eligible for
trading as a COM EFP pursuant to the Exchange Rules
(but excluding, for the avoidance of doubt, COM Block
Trades, COM EFSs and COM Non Exchange
Transactions).
COM Exchange of Future for Swap or
COM EFS
A transaction designated by the Exchange as eligible for
trading as a COM EFS pursuant to the Exchange Rules
(but excluding, for the avoidance of doubt, COM Block
Trades, COM EFPs and COM Non Exchange
Transactions).
COM Exchange Member A Person who is an ‘Exchange Member’ under the COM
Trading Rules.
COM Instrument Volume The trade lot volume of each Instrument, as expressed in
the applicable measurement unit of the applicable Product
(e.g. MW for Electricity Contracts).
EXCHANGE RULES AND CLEARING RULES
OF NASDAQ OMX DERIVATIVES MARKETS
20 APRIL 2015 • ABBREVIATIONS AND DEFINITIONS • 8(25)
COM Non Exchange Clearing Procedures Clearing Appendix 23
COM Non Exchange Trading Broker An entity which have been appointed and authorized
under the Clearing Rules by a Clearing Member to submit
COM Non Exchange Transactions for clearing on
Clearing Members’ account(s).
COM Non Exchange Trading Broker
Agreement An agreement to be entered into between the Clearing
House and the COM Non Exchange Trading Broker
governing the COM Non Exchange Trading Broker’s
submission of COM Non Exchange Transactions for
clearing on Clearing Members’ account(s).
COM Non Exchange Transaction A Transaction in Instruments which are not Exchange
Listed and which the Clearing House has designated as
eligible for clearing as a COM Non Exchange Transaction
pursuant to the Clearing Rules but excluding, for the
avoidance of doubt, COM Third Party Exchange
Transactions..
COM Third Party Exchange An exchange (other than, for the avoidance of doubt, the
Exchange or the Co-Operating Exchange) which has
entered into an agreement with the Clearing House for
trades entered into on such exchange to be cleared through
the Clearing House.
COM Third Party Exchange Transaction A Transaction that is entered into on a COM Third Party
Exchange.
COM Third Party Exchange Transaction
Clearing Procedures
Clearing Appendix 24
COM Trading Rules The Trading Rules of NASDAQ OMX Commodities
Markets governing trading operations carried out by
NASDAQ OMX Oslo ASA.
COM Transaction Volume The aggregated COM Instrument Volume of a single
Transaction.
Contingent Variation Margin An amount calculated to represent the change in the
market value of a Contract.
Contract When a Transaction is Registered by the Clearing House
on a Trading Account or an Integrated Trading and
Clearing Account the Transaction is replaced by one or
more Contracts.
EXCHANGE RULES AND CLEARING RULES
OF NASDAQ OMX DERIVATIVES MARKETS
20 APRIL 2015 • ABBREVIATIONS AND DEFINITIONS • 9(25)
Contract Base The Instrument or other value, underlying property, on
which the Contract is based in accordance with the
provisions set forth in the contract specifications for the
relevant contract.
Contract Share The share which is the underlying property in accordance
with the provisions set forth in the contract specifications
for the relevant Contract.
Co-Operating Exchange NASDAQ OMX Oslo
Counterparty Clearing Member, Customer or a Co-operating Clearing
Organisation which is the opposite party to the Clearing
House in a Contract.
Coupon Day Day for payment of coupon on a Swedish government
bond.
Customer A physical person or a legal entity who
(i) has entered into a Customer Agreement, and
(ii) has opened a Customer Account with the Clearing
House through a Clearing Member.
A Customer is either a Direct Pledging Customer or an
Indirect Pledging Customer.
Customer Account Common denomination for Direct Pledge Accounts and
Indirect Pledge Accounts.
Customer Agreement Agreement between a Clearing Member, the Clearing
House and a physical person or legal entity for connection
to the Clearing Rules as Customer.
Daily Cash Settlement Cash Settlement which occurs in respect of a Contract on
a daily basis according to section 3.2.6.2 of the contract
specifications.
Daily Cash Settlement Amount The Cash Settlement Amount determined on a daily basis
in accordance with section 3.2.6.2 of the contract
specifications.
Day Account See section 2.6.29 of the Clearing Rules.
DCM Abbreviation for Direct Clearing Member.
EXCHANGE RULES AND CLEARING RULES
OF NASDAQ OMX DERIVATIVES MARKETS
20 APRIL 2015 • ABBREVIATIONS AND DEFINITIONS • 10(25)
Default Notification Procedures The Default Notification Procedures which are available
online:http://www.nasdaqomx.com/europeanclearing/nord
icclearingtoday/riskanddefaultmanagement/defaultfund/pr
oceduresagreementspolicypapers/.
Default Management Commitment Mandatory agreement that a Clearing Member must enter
into with the Clearing House in order to clear Generic
Rates Instruments. The agreement sets out the rights and
obligations for such Clearing Member in case of a default
of another participant that holds positions in Generic
Rates Instruments.
Deliverable Instruments Instruments which can be delivered and received in
accordance with the provisions set forth in the respective
contract specifications.
Delivery Margin An amount equal to the amount of any delivery obligation
that has been determined to be deliverable but not yet
fallen due under a Contract.
Delivery Point A designated point of delivery for a Counterparty in
respect of its reception (or delivery) of an Allowance
which is to be delivered under the Clearing Rules.
Direct Clearing Member A Clearing Member entitled to participate in the clearing
activities at the Clearing House
(i) on its own behalf
(ii) on behalf of a Customer regarding Transactions
Registered on a Customer Account, and
(iii) in respect of a Client regarding Transactions
Registered on a Client Account.
Direct Pledge Account See section 2.6.10 of the Clearing Rules.
Direct Pledging Customer A Customer which has entered into Customer Agreement
B and provides collateral directly to the Clearing House.
Disciplinary Committee The committee of the Exchange for examining
disciplinary matters pursuant to the Securities Market Act.
EXCHANGE RULES AND CLEARING RULES
OF NASDAQ OMX DERIVATIVES MARKETS
20 APRIL 2015 • ABBREVIATIONS AND DEFINITIONS • 11(25)
DS Future Contract or DS Future means a contract specified as such in the Contract
Specifications for the purchase and sale of a particular
quantity of an asset or the cash equivalent of the asset’s
value against a Contract Base or Fix, at a predetermined
price at a future time or time period. Any combination
term incorporating “Deferred Settlement Future” or “DS
Future” shall, unless otherwise defined herein, be
understood as referring to Deferred Settlement Future
Contracts in addition to any other terms designated by
such combination.
Electricity Contract A cash-settled Instrument whose value is linked to a
Contract Base quoted for electric power pursuant to the
contract specifications.
Electricity Price Area Differential or
EPAD
means a contract specified as such in the Contract
Specifications, and is the price difference, in the currency
of the contract, for 1 MWh of electricity between the daily
Elspot System Price for the Nordic region or the Phelix
German System price for the German Austrian region and
the applicable Area Price (as specified in the Series
Designation).
El-Cert or Electricity Certificate Any Electricity Certificate unit representing one (1)
Electricity certificate issued for each (1) MWh of
electricity produced from renewable energy sources.
El-Cert Contract or Electricity Certificate
Contract
An Instrument whose Contract Base is directly correlated
to El-Certs pursuant to the contract specifications.
EMIR The Regulation (EU) No 648/2012 of the European
Parliament and of the Council of 4 July 2012 on OTC
derivatives, central counterparties and trade repositories.
EMIR Individual Segregated Account An account meeting the requirements for individual client
segregation pursuant to Article 39(3) of EMIR.
EMIR Omnibus Account An account meeting the requirements for omnibus client
segregation pursuant to Article 39(2) of EMIR.
EMP Electronic Market Place; an abbreviation for the
Exchange’s electronic exchange trading system Genium
INET.
End of Day Margin Delivery Time 11.00
EXCHANGE RULES AND CLEARING RULES
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20 APRIL 2015 • ABBREVIATIONS AND DEFINITIONS • 12(25)
End of Day Margin Determination The calculation of the Margin Requirement and Collateral
Sum undertaken by the Clearing House at the end of each
Clearing House Business Day.
Euroclear Finland Euroclear Finland Oy, an organisation authorized as a
central securities depository in Finland in accordance with
the Finnish Act on the Book-Entry System (1991/826).
Euroclear Sweden An abbreviation for Euroclear Sweden AB.
European Option A European Option means that the holder may only
Exercise the option, or that Cash Settlement may only take
place, on the date set forth in the contract specifications.
Exchange NASDAQ OMX Stockholm AB, organisation no.556420-
8394, in its capacity as a securities exchange.
Exchange Listed Instrument An Instrument which is admitted to trading at the
Exchange as set forth in the Quotation List which is
applicable from time to time.
Exchange Listing Listing of a Series for Exchange Transactions with the
Exchange.
Exchange Member A legal entity which has entered into an agreement
regarding exchange membership, Exchange Member
Agreement, with the Exchange and which also is either a
Clearing Member or an NCM with the Clearing House.
Exchange Member Agreement See the definition of Exchange Member above.
Exchange Rules The rules and regulations of the Exchange as may be
published from time to time.
Exchange Series See definition of Series
Exchange Transaction A matching agreement made through a quotation trade
from an Exchange Member and an acceptance from the
Exchange or another Exchange Member, in one of the
Exchange’s exchange systems (EMP and MPS) for the
purchase or sale of one or several Instruments in an
Exchange Series, or a COM Block Trade, COM EFP or
COM EFS.
Exercise Exercise of an Option Contract resulting in Physical
Settlement in accordance with the provisions set forth in
the relevant contract specifications.
Exercise Order A request for the Exercise of the Option Contract.
EXCHANGE RULES AND CLEARING RULES
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20 APRIL 2015 • ABBREVIATIONS AND DEFINITIONS • 13(25)
Exercise Price A stated price in the Option Contract which is used as a
settlement value in Cash Settlement or at which price
Physical Settlement shall occur in the event the option is
Exercised.
Expiration Expiration means that all rights and obligations for the
relevant Contract terminate.
Expiration Day The last day for Exchange Listing or Clearing Listing of
certain Exchange Series or certain Clearing Series.
Expiration Month The calendar month in which the Expiration Day for the
relevant Series falls.
Expiration Settlement Day The day on which final performance of the Contract shall
occur.
Expiration Year The calendar year in which the Expiration Day for the
relevant Series falls.
Exposure Limit The maximum exposure that a Clearing Member or Direct
Pledging Customer may have in respect of a certain
Margin Requirement Account, as set by the Clearing
House from time to time. A Clearing Member or Direct
Pledging Customer’s exposure is calculated in accordance
with the model applied by the Clearing House from time
to time.
Exposure Limit Check In respect of a COM Clearing Request received by the
Clearing House, a check carried out by the Clearing
House that a Clearing Member or Customer’s exposure
that will result from the approval of such COM Clearing
Request does not exceed such Clearing Member or
Customer’s Exposure Limit.
Extraordinary Margin Requirement An amount calculated by the Clearing House at any time
in relation to a Margin Requirement Account as required
to be provided to cover risks in Contracts Recorded in
relation to such Margin Requirement Account.
Fast Market Significant market movements in respect of a Contract
Base.
Fee List A list issued by the Exchange and the Clearing House of
the various fees applicable at any given time which is
available online at
http://www.nasdaqomx.com/listing/europe/rulesregulation
s/.
EXCHANGE RULES AND CLEARING RULES
OF NASDAQ OMX DERIVATIVES MARKETS
20 APRIL 2015 • ABBREVIATIONS AND DEFINITIONS • 14(25)
First Listing Day The first day for Exchange Listing or Clearing Listing of
certain Exchange Series or Clearing Series.
Fish Pool Rulebook The Rulebook for trading at Fish Pool ASA, as may be
amended from time to time.
Fix The settlement value which can be used upon Cash
Settlement or Physical Settlement. Fix is determined for
Contracts in the manner prescribed in the contract
specifications for the relevant Series.
Fixed Income Contracts See the Loss Sharing Rules, appendix 17 of the Clearing
Rules.
Fixing Determination of Fix in the manner prescribed in the
contract specifications for the relevant Series.
Flexible Contract See definition of Flexible Instruments above.
Flexible Instrument An Instrument which is not Exchange Listed or Clearing
Listed and which is not a Semi-standardized Instrument
but which is approved by the Clearing House for
Registration.
Forward Contract A Contract for the purchase of the Contract Base for an
agreed price, the Futures Price. The Forward Contract
may be performed by way of Cash Settlement or Physical
Settlement.
Forward Netting Settlement of Forward Contracts through two similar but
corresponding Contracts being Registered on the same
Trading Account or two different Trading Accounts
connected to the same Clearing Account or on an
Integrated Trading and Clearing Account.
Freight Contract A cash-settled Instrument whose value is linked to a
Contract Base quoted for freight pursuant to the contract
specifications.
Fuel Oil Contract A cash-settled Instrument whose value is linked to a
Contract Base quoted for fuel oil pursuant to the contract
specifications.
Futures Contract An Instrument with Daily Cash Settlement for the
purchase of the Contract Base for an agreed price, the
Futures Price. The Futures Contract may be performed by
way of Cash Settlement or Physical Settlement.
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20 APRIL 2015 • ABBREVIATIONS AND DEFINITIONS • 15(25)
Futures Price The price for the Futures Contract or the Forward Contract
which is determined at the time of the Transaction.
GCM Abbreviation for General Clearing Member.
General Clearing Member A Clearing Member entitled to participate in the clearing
activities of the Clearing House
(i) on its own behalf
(ii) on behalf of a Customer regarding Transactions
Registered on a Customer Account, and
(iii) in respect of a Client or Exchange Member regarding
Transactions Registered on a Client Account.
Generic Rates Instruments Interest rate instruments that have non-standardized
features relating to expiry date and cash flows. All
Generic Rates Instruments are indicated as such in the
respective contract specification. See also the Loss
Sharing Rules, appendix 17 of the Clearing Rules.
Give up Transfer of a Clearing Member’s liability with respect to a
Contract between two Clearing Members.
House Account An account with a Clearing Member as account holder,
intended for Transactions entered into by such Clearing
Member on its own behalf.
IMM Day IMM Day, “International Money Market Day”, is the third
Wednesday in March, June, September and December, or
if such a day is not a Bank Day, the Bank Day
immediately following.
Indirect Pledge Account See section 2.6.14 of the Clearing Rules.
Indirect Pledging Customer A Customer which has entered into Customer Agreement
A and provides Collateral to the relevant Clearing
Member which in turn provides Collateral to the Clearing
House.
Individual Client Segregated Account See section 2.6.25 of the Clearing Rules.
Information List A list prepared by the Exchange or the Clearing House
showing that information which is disseminated at any
given time to Exchange Members, Clearing Members, and
the general public.
EXCHANGE RULES AND CLEARING RULES
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20 APRIL 2015 • ABBREVIATIONS AND DEFINITIONS • 16(25)
Initial Margin An amount calculated by the Clearing House to cover the
Clearing House’s potential future exposures to a Clearing
Member or a Direct Pledging Customer in the event of a
default of such Clearing Member or Direct Pledging
Customer.
Instrument or Product Securities, currencies or other agreements giving rise to
rights and obligations, such as Option Contracts, Futures
Contracts, Forward Contracts, Swap Contracts, loan
Contracts, repo Contracts and Spot Contracts.
Integrated Trading and Clearing Account An account which is both a Trading Account and Clearing
Account and on which both Registration of Transactions
and Recording of Contracts may take place.
Interbank Trade An agreement which is entered into outside of EMP and
MPS and which is entered into between two or more
members. The agreement must relate to a purchase and
sale of an Exchange Listed Instrument.
Interest A non-binding declaration from an Exchange Member of
its desire to purchase or sell Instruments in an Exchange
Series.
Interim Account See section 3.5.29 of the Clearing Rules.
Internal Trade An agreement which is entered into outside of EMP and
MPS and which is entered into between an Exchange
Member and its customer, or between Exchange
Members’ clients. The agreement must relate to a
purchase and sale of an Exchange Listed Instrument.
Intraday Funding Collateral Custody
Account A Collateral Custody Account that is opened in addition to
a Clearing Member’s regular Collateral Custody Accounts
and that has been assigned by such Clearing Member to
one or more Individual Client Segregated Accounts for
provision of additional Collateral to cover Collateral
Deficiencies in connection with Prenovation Checks as
further described in Sections 2.4.10a, 2.4.10b and 2.8.8a
of the Clearing Rules.
Intra-Day Margin Requirement The determination by the Clearing House of a Margin
Requirement at a time during the Clearing House Business
Day other than in connection with the End-of-Day Margin
Determination.
KRONOS A system of Denmark’s National Bank for settlement of
payments in DKK.
EXCHANGE RULES AND CLEARING RULES
OF NASDAQ OMX DERIVATIVES MARKETS
20 APRIL 2015 • ABBREVIATIONS AND DEFINITIONS • 17(25)
Listing Register See the definition of Quotation List given below.
Local Market Practice The method by which non-cash Collateral is transferred in
the jurisdiction or market where such non-cash Collateral
was established.
Locked Currency Limit A minimum amount of Cash Collateral in each Permitted
Currency, as determined by the Clearing House, that must
be retained in the Collateral Custody Account at all times.
Loss An amount that a Clearing Member or Customer
reasonably determines in good faith to be its total losses
and costs (or gain, in which case expressed as a negative
number) in connection with the termination according to
Section 1.10 of the Clearing Rules of outstanding
Contracts under the Clearing Rules, including any loss of
bargain, cost of funding (based on the actual costs of the
Clearing Member or Customer whether or not greater than
market costs) or, at its election but without duplication,
loss or cost incurred as a result of its terminating,
liquidating, obtaining or re-establishing any hedge or
related trading position (or any gain resulting from any of
them). Loss includes losses and costs (or gains) in respect
of any payment or delivery required to have been made
and not made on or before the termination day. The
Clearing Member or Customer may (but need not)
determine its Loss by reference to quotations of average
relevant rates or prices from two or more leading brokers
in the trading market who are independent of the Clearing
House.
Margin Components Each of Initial Margin, Contingent Variation Margin,
Payment Margin, Delivery Margin and any applicable
extraordinary margin component in connection with an
Extraordinary Margin Requirement having been issued by
the Clearing House from time to time.
Margin Requirement An amount calculated by the Clearing House as the sum
of each of the Margin Components determined in respect
of all Contracts Recorded on the Clearing Account(s)
and/or Integrated Trading and Clearing Account(s)
associated with a particular Margin Requirement Account.
Margin Requirement Account An account for calculation of the Margin Requirement in
respect of Contracts Recorded on the Clearing Account(s)
and/or Integrated Trading and Clearing Account(s)
associated with it.
EXCHANGE RULES AND CLEARING RULES
OF NASDAQ OMX DERIVATIVES MARKETS
20 APRIL 2015 • ABBREVIATIONS AND DEFINITIONS • 18(25)
Margin Requirement Report The data produced by the Clearing House and made
available to each Clearing Member and Direct Pledging
Customer in respect of each Margin Requirement Account
setting out the Margin Requirement, the Collateral Sum
and the Collateral Surplus or Collateral Deficiency for that
Margin Requirement Account.
Mark-to-Market Day Day when Daily Cash Settlement takes place for Futures
Contracts.
Market Maker Exchange Member who has entered into an agreement
with the Exchange, Market Maker Agreement, and agreed
to place Orders in Exchange Series.
Market Maker Account See section 2.6.7of the Clearing Rules.
Market Maker Agreement See the definition of Market Maker above.
Market Order An Order where the offer must be immediately accepted
or declined.
Member (or “member”) A Clearing Member or an Exchange Member, as the
context may require.
Mid-Price The average of the highest Bid-Order and the Lowest Ask-
Order at a certain time. Mid-Price is rounded upwards to
two decimal points.
MPS Market Place Service; an abbreviation for the Exchange’s
manual exchange system and certain other functions.
NASDAQ OMX Oslo NASDAQ OMX Oslo ASA, a Norwegian limited
company with reg. no 965 662 952 in the Norwegian
Company Register, which is authorised as a commodity
derivatives exchange by the Norwegian Ministry of
Finance and supervised by the Norwegian Financial
Supervisory Authority.
NASDAQ OMX Oslo NUF The Norwegian branch of the Clearing House.
Natural Gas Contract A cash-settled Instrument whose value is linked to a
Contract Base quoted for natural gas pursuant to the
contract specifications.
NCM Abbreviation for Non Clearing Member.
Non-Cash Collateral Any Collateral other than Cash Collateral.
EXCHANGE RULES AND CLEARING RULES
OF NASDAQ OMX DERIVATIVES MARKETS
20 APRIL 2015 • ABBREVIATIONS AND DEFINITIONS • 19(25)
Non Clearing Member An Exchange Member that is not a Clearing Member and
who has entered into a Clearing Agreement.
Non-standardized Combination
Terms
See definition of Combination Terms above.
Notice of Termination Notice of early termination of a loan Contract in order to
have the Contract Shares reassigned before the Expiration
Day.
Odd-lot Terms Volume Terms which mean that the Order covers one or
more Instruments in an Exchange Series, where Exchange
Transactions can be made regarding individual
Instruments up to and including the stated volume.
OMax An abbreviation and a trademark for the Exchange’s stock
market related products.
OMFX An abbreviation and a trademark for the Exchange’s
currency market related products.
Omnet Electronic connection to the Exchange’s exchange trading
system or the Clearing House’s clearing system in
accordance with the provisions set forth in the Omnet
Agreement.
Omnet Agreement See the definition of Omnet above.
Omnibus Account See section 2.6.19 of the Clearing Rules.
Omr An abbreviation and a trademark for the Exchange’s
money market related products.
Open Position Net position created by aggregating and netting all
purchase or sales Transactions in a Series within the same
Clearing Account, as calculated and notified by the
Clearing House.
Option Style The Option Styles are American Option or European
Option.
Option Type The Option Types are Call Option or Put Option.
EXCHANGE RULES AND CLEARING RULES
OF NASDAQ OMX DERIVATIVES MARKETS
20 APRIL 2015 • ABBREVIATIONS AND DEFINITIONS • 20(25)
Option Contract1 An Option Contract is an agreement according to which
the holder, in exchange for the payment of the Premium,
is entitled, through Cash Settlement or Physical
Settlement to purchase (Call Option) or sell (Put Option)
the Contract Base in accordance with the contract
specifications and according to which the issuer is
obligated to perform the corresponding contractual duties.
Order A binding offer from an Exchange Member to buy, bid, or
sell, ask, Instruments in an Exchange Series.
Order Book Order An order where the offer is stated to either be valid until
further notice, but in no case later than ordinary closing,
or the final time for trading in the relevant Series, on the
same day, or until a particular stated time in the future.
Parallel Listing The same contract share is listed for trading in two
currencies at the Exchange.
Parameter Value List A list of the parameter values employed in the Margin
Requirement computation.
Payment Margin An amount equal to the amount of any payment that has
been determined to be payable but not yet fallen due under
a Contract.
Payments Report The data produced by the Clearing House and made
available to each Clearing Member and Direct Pledging
Customer setting out the net payment due in each relevant
Permitted Currency pursuant to the Cash Optimization
Service.
Permitted Currency The currencies which the Clearing House accepts as
Collateral pursuant to the Collateral List.
Physical Settlement The due settlement of a Contract through the delivery of
Deliverable Instruments against payment of the Physical
Settlement Amount, as calculated in accordance with the
Clearing Rules and the contract specifications.
Physical Settlement Amount The amount calculated in accordance with the Clearing
Rules and the contract specifications in order to settle a
Contract against delivery of Deliverable Instruments,
subject for certain Contracts as set out in the contract
specifications, against payment of an amount through
Cash Settlement.
1 To be moved in alphabetical order in connection with entry into force.
EXCHANGE RULES AND CLEARING RULES
OF NASDAQ OMX DERIVATIVES MARKETS
20 APRIL 2015 • ABBREVIATIONS AND DEFINITIONS • 21(25)
Physical Settlement Report The data produced by the Clearing House and made
available to each Clearing Member in respect of each
Margin Requirement Account outlining the Physical
Settlement Amount to be paid and the quantity of
Deliverable Instruments to be delivered in respect of each
Contract to which Physical Settlement applies and, where
applicable, the payments of an amount through Cash
Settlement.
Power of Attorney A power of attorney issued by a Clearing Member or
Direct Pledging Customer authorising an Approved
Settlement Bank to execute payment instructions issued
by the Clearing House on the designated Cash Collateral
Bank Account(s).
Premium That price for the Contract which the purchaser shall
tender and which is determined at the time of the
Exchange Transaction or at the time of approval of
Registration.
Premium Settlement Day
The day on which payment of the Premium is to be made.
Prenovation Check A check carried out by the Clearing House that there is
sufficient Collateral in the relevant Collateral Custody
Account, including where relevant in any Intraday
Funding Collateral Custody Account, to cover the Margin
Requirement that will result from the approval of an
application for Registration.
Presentation Currency The currency in which, for example, an index or basket of
securities is presented.
Primary Exchange An exchange which, pursuant to an agreement with the
Exchange, is deemed to be the party which possesses the
right of determination with respect to a particular
Instrument in the manner set forth in the relevant contract
specification.
Procedures The document which, alongside the Clearing Rules, sets
out the details of the Cash Optimization Service and its
operational process, including, but not limited to, the form
and manner at which Collateral is to be provided to the
Clearing House. Such document shall be made available
on the Clearing House website.
Proprietary Account See section 2.6.6 of the Clearing Rules.
EXCHANGE RULES AND CLEARING RULES
OF NASDAQ OMX DERIVATIVES MARKETS
20 APRIL 2015 • ABBREVIATIONS AND DEFINITIONS • 22(25)
Protest An application for the cancellation of an incorrect
Registration or the Registration of an omitted Registration
or a request for rectification by the Clearing House of an
incorrectly executed, or non-executed Exercise or Cash
Settlement.
Put Option See the definition of Option Contract above.
Quotation List A list prepared by the Exchange and the Clearing House
which at any given time shows those Instruments which
are Exchange Listed and/or Clearing Listed.
Recalculation The process performed by the Clearing House pursuant to
sections 2.9.32 and 2.9.33.
Receiving Account A Receiving Account is a Client Account on which
Contracts resulting from Registration on a connected
Allocation Account are Recorded.
Recording The notation of a Contract on a Clearing Account or an
Integrated Trading and Clearing Account for the
determination of rights and obligations with respect to the
Contract, and “Recorded” shall be construed accordingly.
Registration Documentation of a Transaction with regard to Clearing
Listed Instruments, Semi-standardized Instruments or
Flexible Instruments on a Trading Account or an
Integrated Trading and Clearing Account whereby such
Transaction is replaced with one or more Contracts, in
accordance with the procedure specified in sections 2.1-
2.5 of the Clearing Rules. At the time of Registration, the
Clearing House becomes a buyer under the Contract in
relation to the seller, and a seller under the Contract in
relation to the buyer (and “Registered” will be construed
accordingly, for the purposes of the Clearing Rules).
Registration Day The day when a contract is registered at the Clearing
House.
Registration Error Erroneous Registration or the non-Registration of a
Transaction executed outside EMP or the electronic
exchange trading system of the exchange or marketplace
approved by the Clearing House (as the case may be).
Required Authorisations All governmental and other licences, authorisations,
permits, consents, contracts and other approvals (if any)
that are required to enable the party to fulfil any of its
obligations under the Exchange Rules and/or the Clearing
Rules.
EXCHANGE RULES AND CLEARING RULES
OF NASDAQ OMX DERIVATIVES MARKETS
20 APRIL 2015 • ABBREVIATIONS AND DEFINITIONS • 23(25)
Re-registration Re-registration is the cancellation of a previously entered
Registration and a new Registration on another account
according to an approved application for Re-registration.
RIX The Bank of Sweden’s system for termination of
payments in Swedish kronor (K-RIX) or euro (E-RIX).
Securities Market Act The Securities Market Act (SFS 2007:528), as from time
to time in force.
Single-client Account See section 2.6.22 of the Clearing Rules.
Semi-standardised Instrument An Instrument based on shares which is cleared by the
Clearing House on terms which correspond to the terms
for Exchange Listed Instruments based on the same
underlying share, but which differ from such Instruments
in respect of one or more terms and conditions, e.g. with
regard to Exercise Price, Settlement Day or alike.
Semi-standardised Contract See Semi-standardised Instruments above.
Series Exchange Listed or Clearing Listed Instruments which,
with regard to securities are of the same kind and with
regards to agreements, give rise to rights and obligations
that are identical in respect of the contract terms
standardised by the Exchange under relevant contract
specifications. A Series that is Exchange Listed is
denominated Exchange Series. A Series that is Clearing
Listed is denominated Clearing Series.
Set-Off Set-Off of Contracts means that those rights and
obligations which arise under a Contract Recorded on a
Clearing Account or an Integregated Trading and Clearing
Account shall terminate through the Registration of a
Transaction resulting in an identical but offsetting
Contract on the same account.
Settlement Cash Settlement or Physical Settlement.
Settlement Day The day on which Settlement is to occur.
Sponsored Access An electronic access arrangement under which an
Exchange Member possessing authorizations stipulated in
section 1.2.1 (ii) or 1.2.1 (iii) of the Exchange Rules, has
permitted its Client to transmit Orders in Exchange
Member’s membership identity directly or through a third
party vendor to EMP. Sponsored Access may not be
granted to Exchange Member’s Clients that are Exchange
Members.
EXCHANGE RULES AND CLEARING RULES
OF NASDAQ OMX DERIVATIVES MARKETS
20 APRIL 2015 • ABBREVIATIONS AND DEFINITIONS • 24(25)
Spot Contract A contract for the sale of a commodity, asset or right,
under the terms of which delivery is scheduled to be made
within the longer of the following periods:
i) two trading days; or
ii) the period generally accepted in the market for that
commodity, asset or right as the standard delivery
period.
Spread The prices between the highest Bid-Order and the lowest
Ask-Order.
Standardized Combination Terms See definition of Combination Terms above.
Sub Margin Requirement That part of the Margin Requirement pertaining to
Contracts in a certain group or certain groups of Series.
Sub-Market A part of a market consisting of Exchange Listed and/or
Clearing Listed Instruments based on the same or a similar
underlying asset. The Instruments on a particular Sub-
Market are set forth in the Quotation List applicable from
time to time.
Surplus Cash Collateral That amount of Cash Collateral in a particular Permitted
Currency that is in excess of the amount required to meet
all obligations arising in respect of that Permitted
Currency for that Collateral Custody Account, as
determined in accordance with the Procedures.
Suspension of Trading Trading suspension in accordance with the Securities
Market Act and any relevant subordinate legislation.
Swap Contract An agreement under which the Counterparty and the
Clearing House through Cash Settlement or Physical
Settlement exchange payments related to the Contract
Base in accordance with the provisions set forth in the
relevant contract specifications, without any rights vesting
in the underlying nominal amount.
Technical Equipment The hardware and software, including computer
application programs, used for trading in EMP or the
electronic exchange trading system of the exchange or
marketplace approved by the Clearing House (as the case
may be) and for connecting hereto.
Term The period commencing on the First Listing Day and
continuing through to its Expiration Day for a particular
Series.
EXCHANGE RULES AND CLEARING RULES
OF NASDAQ OMX DERIVATIVES MARKETS
20 APRIL 2015 • ABBREVIATIONS AND DEFINITIONS • 25(25)
Trade Repository A trade repository registered in accordance with Article
55 of EMIR or recognised in accordance with Article 77
of EMIR.
Trading Account An account with the Clearing House on which
Registration can take place. The account shows, inter alia,
all Transactions Registered on the Trading Account in
question.
Trading Account Administrator A Clearing Member who administers a Trading Account
or an Integrated Trading and Clearing Account. Clearing
Members that administer Integrated Trading and Clearing
Accounts are at the same time Trading Account
Administrators and Clearing Account Administrators.
Trading Account for Generic Rates
Instruments A special Trading Account for a Customer on which only
Generic Rates Instruments may be Registered.
Transaction An agreement with respect to an Exchange-Listed
Instrument, a Clearing Listed Instrument, a Semi-
standardised Instrument or a Flexible Instrument which
may be Registered on an account at the Clearing House in
accordance with the Clearing Rules.
Transfer Order The same as in Directive 98/26/EC of the European
Parliament and of the Council of 19 May 1998 on
settlement finality in payment and securities settlement
systems. Transfer Orders shall thereupon be deemed to
include every express or automated instruction that results
in Registration of a Contract and every express or
automated instruction intended for settlement of a
Contract.
VPC-system Euroclear Sweden’s system for account keeping of
financial instruments, and clearing and settlement of
transactions.
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